Large manufacturers, led by 3M Co., Illinois Tool Works Inc., and Parker Hannifin Corp., raised 2012 profit forecasts on Tuesday as they reported stronger-than-expected results.
The three posted results that topped Wall Street estimates, and all raised their outlooks. United Technologies Corp (UTX.N) also beat forecasts but noted an uneven global economy and kept its outlook steady.
"We have seen some encouraging signs in the United States over the last several months," says United Tech Chief Financial Officer Greg Hayes, noting that sales of Carrier air conditioners had picked up since mid-March.
"I am confident in our ability to improve every aspect of our company," says Chief Executive Ingle Thulium, who took over from George Buckley this year.
Manufacturers Raise 2012 Forecasts
The year ahead for industrial companies is looking a little brighter than it seemed a few months ago, as economic conditions improve in North America and demand in key business segments strengthens.